Coins and Precious Metal Bullion

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Coins and Precious Metal Bullion The Louisville Municipal Code (LMC) imposes a sales tax upon the purchase price paid for tangible personal property sold at retail in the City. “Coins” as defined in the LMC, means monetized bullion or other forms of money manufactured from gold, silver, platinum, palladium or other such metals now, in the future, or heretofore designated as a medium of exchange under the laws of this State, the United States or any foreign nation. Coins and currency which constitute legal tender of the United States or another nation, which are in general circulation as a medium of payment, which are exchanged in the open market at an exchange rate that reflects their relative value as currency, are exempt from City sales tax as well as any small fee charged even if the purchaser does not receive the full face value of the currency exchanged. The LMC provides no tax exemption for the sale, purchase or barter of any other monetized or non‐monetized coins, stamps or precious metal bullion, jewelry or commemoratives. Examples Louisville Buyer A purchases one ounce of gold at market value from an online coin and precious metal dealer. The online seller does not collect any sales tax. Buyer A must remit Louisville use tax on the purchase price paid for the gold. Louisville Resident B is traveling to Europe but before his trip, visits a bank to exchange U.S. dollars for Euros at the current market exchange rate. No Louisville sales tax is due on this exchange. Louisville Resident C brings a jar of money to the supermarket where they have a coin counting machine. The machine automatically retains $0.03 per dollar counted and dispenses the remaining money to the resident. No Louisville sales tax is due on this exchange. A Louisville coin dealer buys and sells both numismatic and commemorative coins. Buyer D purchases a 1951 mint set for $695 and two steel U.S. pennies (with a face value of $0.01) for $20. The full purchase price of $715 is subject to Louisville sales tax. The information contained in the Tax Guide publications is intended to offer general guidance in layman’s terms, for this topic, industry or business segment, and is not intended for legal purposes to be substituted for the full text of the Louisville Municipal Code rules and regulations. This guide does not constitute a city tax policy. Department of Finance – Sales Tax and Licensing Division 749 Main Street ‐ Louisville, CO 80027 Office (303) 335‐4514 – Fax (303) 335‐4529 www.LouisvilleCo.gov .

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